Dubai’s Nakheel Says 1H Net Surges 54% on Higher Demand - Bloomberg:
"Nakheel PJSC, developer of the man-made islands off Dubai’s coast, said first-half profit surged 54 percent on property sales and improved take-up at its retail and leasing units.
Net income rose to 1.85 billion dirhams ($504 million) from 1.2 billion dirhams a year earlier, the Dubai-based company said in an e-mailed statement today. The developer sold 627 homes and said its leased properties were almost fully occupied.
Nakheel, whose losses helped push Dubai to the brink of default in 2009, plans to repay all of its 5.54 billion dirhams of bank loans four years early as real estate demand surges and customer payments improve. The developer is now concentrating on projects that provide steady revenue, including plans to build 10 hotels with a total of 2,900 rooms in the next three years as well as 7.9 million square feet of shops, restaurants and other leased space."
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